It’s been a little while—our last update was back in November 2024—and since then, a lot has changed in emerging markets. Luckily, most of it worked in our favor.
Since that last rebalance, the Moby Offshore Portfolio is up 11.15%, comfortably outperforming our benchmark ($IEMG), which returned 7.03% over the same stretch. That’s a solid result in what’s still a tricky macro environment, and it came from a mix of strong gains across semis, e-commerce, and tech—not just one big winner carrying the load.
A major reason for the shift? Global trade tensions have cooled off. With fewer headlines around tariffs and policy risk, a lot of names that had been stuck in neutral finally had room to run. That opened the door for some of our higher-conviction holdings to bounce back in a big way.
That said, we’re not pretending everything’s smooth sailing. Currency swings, political risk, and pockets of economic slowdown are still part of the equation. But this is why we run this strategy—to lean into volatility when it makes sense, and stay patient when it doesn’t.
Let’s walk through the performance, what changed in the portfolio, and how we’re setting up for the next few months.
However, if you're new to this strategy and want to see how it works, we highly recommend checking it out: here
But if you're a regular, let's push forward 👇